Investing in Space: A guide to satellites

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Last year I wrote about the key terms investors should know about the steps involved in a rocket launch, to give a guide for what phrases mean in context.

A number of you found that launch guide helpful, so I'm back with another synthesized glossary – but this time for satellites! We've seen a couple of satellites going awry this summer, and I've gotten questions like: "Dang, I thought the launch was successful?" or "Why didn't they check for that before?"

There's much more to flying a satellite than just strapping it to a rocket. Manufacturers and operators go through a painstaking process to reduce risk and get a satellite working smoothly, well before it leaves the ground — and even after it's in orbit.

I chatted with teams at Iridium, Maxar, BlackSky, Astranis and gravityLab to focus group these terms and definitions. Here's a rundown, in as sequential order as possible, of key terms to know about the steps involved in flying a satellite:

• Licensing: Gaining regulatory approval to operate a satellite and setting the legal parameters for how many satellites will be a constellation, where they will operate, their size and capabilities, and more.
• Design Reviews: Formulating the size and scope of the satellite, and what parts are needed.
• Assembly: Ordering, producing and gathering the pieces of the satellite and putting it together. The components for power, control, communications and more are tested before being assembled into subsystems.
• Integration: Joining together the satellite bus (the spacecraft's structure and more) with the payload, plugging in the electronics and mechanical systems, turning them on.
• Testing: Exposing the satellite to high and low temperatures, wide acoustic ranges, and shaking it to make sure it can survive the harsh environments of a rocket launch and the vacuum of space.
• Shipment: Delivering the satellite from the manufacturing facility to the launch site. That could include massive aircraft or specialized trucks.
• Processing: Mounting the satellite to the rocket and making sure the satellite is healthy, fueled up and ready for launch.
• Launch, Deployment and Early Orbit Phase: Also known as LEOPs, this is the beginning of a satellite's life in space, when it's delivered into orbit by a rocket, released by that rocket, and initially checked to find where exactly it is and whether it's still healthy.
• Commissioning: Verifying that everything works on the satellite, conducting tests and exercises to make sure systems such as the propulsion, power and antennas are all good to go. (This is the point at which Viasat's Americas satellite malfunctioned last month.)
• Orbit Raising: Maneuvering the satellite into its final position, as it's typically deployed at a lower orbit than where it will ultimately operate.
• Operational: The satellite is in service, providing functions such as communications, imaging, weather monitoring and more. (Astanis' Arcturus satellite had only just made it into the operational stage when it malfunctioned.) If a separate or third party team is operating it, this is also when a "handover" happens to transfer control of the satellite. 
• Decommissioning: The end of a satellite's life, and a key part in managing space debris, as operators will either set a satellite on a reentry course to burn up in Earth's atmosphere, or a "graveyard orbit" that reduces collision probabilities.

There are certainly nuances here, and differences from one satellite company to the next, but hopefully you found this helpful and informative!

• SpaceX submits Starship mishap report to the FAA: The investigation's findings will now be reviewed by the FAA. Once approved, the final report will identify the corrective actions SpaceX must take before modifying its license request to receive federal authorization to launch the next Starship test flight. – Payload
• Intuitive Machines targets November for first moon launch, revealing the schedule goal when it reported second-quarter results. The company reported net income of $18.7 million, up from a loss of $2.5 million a year ago, with revenue of $17.9 million that was down from $19.2 million year-over-year. It has a $137 million contract backlog, with $39 million in cash on hand. – Intuitive Machines
• SpaceX expands rideshare mission offering with 'Bandwagon' launches: The company announced an expansion of its Transporter rideshare missions, with Bandwagon targeting mid-inclination orbits that represent "the second most commonly asked" for orbit, the company said.  – SpaceNews
• SpaceX launches more Starlink satellites on 56th overall mission this year. The Falcon 9 rocket, flying its 13th mission to date, carried 22 Starlink satellites to orbit. – Florida Today
• DARPA sees 'paradigm shift' coming in lunar infrastructure and is seeking companies to bid for $1 million, seven-month study contracts under its LunA-10 initiative. – DARPA
• Satellite data distributor SkyWatch unveils combo product, which brings together radar and optical data into combined images. – SpaceNews
• York builds fourth spacecraft production facility. The company said the new 60,000 square foot production site "significantly increases" its ability to manufacture and test spacecraft. – York
• Washington satellite builder LeoStella announced third-generation product, with the LS-300 satellite bus. To date, the company has 19 satellites in orbit. – LeoStella

• BAE Systems acquiring Ball Aerospace for $5.6 billion in cash: The companies said the deal is expected to close in the first half of next year, pending regulatory approval. It will see Ball's 5,200 or so aerospace employees join the U.K. defense company. – CNBC
• Intelsat to receive $3.7 billion FCC payout from C-band clearing, payments that are expected in the fourth quarter. The company launched new satellites to repackage broadcast spectrum as part of an effort to open up more frequency for 5G services in the U.S. – Intelsat
• Rocket Lab wins NASA contract for pair of Electron launches, with the company to fly two of the agency's small PREFIRE satellites next year. – Rocket Lab / NASA
• Viasat wins Malaysia Airlines in-flight Wi-Fi contract. The satellite operator will outfit the airline's new fleet of Boeing 737-8 aircraft. – Viasat
• Planet completes acquisition of Slovenian data platform Sinergise, which the U.S. company says will accelerate its "Earth Data Platform" and improve efficiency in delivering data to customers. – Planet

• Telesat stock surged after swapping Lightspeed satellite suppliers for $2 billion savings, with the Canadian telecommunications operator changing from Thales Alenia Space to MDA to manufacture the satellites. The company expects to begin launching the first Lightspeed satellites in mid-2026. – CNBC
• Terran Orbital reported lower losses and higher revenues in Q2. The spacecraft builder noted its Irvine, California expansion facility is open and doubles its manufacturing capacity. Terran Orbital reported revenue of $32.2 million for Q2, up from $21.4 million a year ago, with net loss of $28.1 million that was narrower than $32.3 million year-over-year. The company expects to see $180 million in payouts from Rivada Space this year under its $2.4 billion contract.
• AST SpaceMobile lands nearly $180 million in debt and equity financing, announced amid its Q2 results. The company reported a net loss of $18.4 million, wider than a loss $2.9 million a year ago, with no revenue. It's targeting the first quarter to launch its first five commercial BlueBird satellites. – AST SpaceMobile
• Momentus began to realize some revenue in Q2, but made workforce cuts. The company disclosed it laid off about 30%, or 18 employees, to improve its cash runway. It warned that it may need to make additional reductions if it's unable to raise additional capital. The company reported $1.7 million in revenue for the quarter and has $21.3 million in cash remaining.. It trimmed its net loss slightly, to $18.8 million from $22.9 million a year ago. – Momentus

• Alex Hudson joins Vast as CTO, while Max Haot was promoted to CEO. Hudson left SpaceX, where he was Vice President of Avionics, while Haot takes on Vast founder Jed McCaleb's role, with McCaleb becoming the company's board chair and tech fellow. – Vast
• Dave Limp leaves Amazon after more than 13 years. As senior vice president of devices and services, Limp and his division oversees Project Kuiper, its prospective satellite internet service, which he often spoke about. – CNBC
• Drew Feustel joins Canadian Space Mining Corp. (CSMC) as executive vice president of strategy. Feustel recently retired as a NASA astronaut, after 23 years at the agency. – CSMC
• Leo Basola joins Spire as CFO, coming to the company after serving as Equifax International's senior finance officer. – Spire
• Lesley Still appointed as Orbex's chief of spaceport operations. Still joins the U.K. rocket builder from QinetiQ, where she led its civil aviation ground operations. – Orbex
• Tareq Amin departs AST SpaceMobile's board, a ripple effect of Amin's departure from Rakuten. – AST

• Aug. 21: Russia's Luna-25 probe attempts moon landing.
• Aug. 23: India's Chandrayaan-3 mission attempts moon landing.